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  • #734,361
  • Dec 18, 2012 2:11am Dec 18, 2012 2:11am
Quoting math_GB
My daily plan is as follows: Start building LONGs below 1.3150s up to 1.3120s SL should be placed as close as possible 1.3100, 1.3096 was a good support. Unfortunately that is one nasty thing of having a tight range for a full day, next day the range shoots over a little and if you plan to have one single entry, you may be easily burnt. So better to have multiple entries at different levels. This strategy applies to newbees like myself, if you are good at picking perfect entries you obviously don't need this type of strategy. Good luck..!...

morning,

I know that plenty of people on here do build positions in negative territory but, I thought I would show you a couple of reasons why it is not a good idea....

1. It breaks a very good rule - do not add to losing positions
2. You are trading the wrong target range (you end up trading the range back to your first entry rather than the target range above your entry.
3. The losses can become exponential

look at the table below which shows you the losses based on entering every 10 pips 3150-3120 and then hitting SL or return to 3150, same for two entries and then just one entry.

now consider the size of that risk compared to what? you wanted to trade the range above 3150, but have ended up taking on much more risk to trade up to 3150 when the price has clearly been moving against your positions - ie: as the pain gets worse you have added more risk....
The third table is where you want to be @ 0 loss for your prescribed entry @ 3150 which means you are trading the range above not below.

I would suggest that your comment about easier for neewbies to do this is actually the wrong way around, if somebody is not so good at picking levels then it is even more important not to add to losing positions.

have a think about it
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  • #734,362
  • Dec 18, 2012 2:16am Dec 18, 2012 2:16am
Quoting MaxDoom
morning,


I would suggest that your comment about easier for neewbies to do this is actually the wrong way around, if somebody is not so good at picking levels then it is even more important not to add to losing positions.

have a think about it
The results could be catastrophic if you kept building long position near what becomes a top or Short near what becomes a bottom ...

Good advice Max
"It's the Margin, Stupid."
  • #734,363
  • Dec 18, 2012 2:18am Dec 18, 2012 2:18am
Quoting Vachus
The results could be catastrophic if you kept building long position near what becomes a top or Short near what becomes a bottom ...

Good advice Max
we have already seen that, with the guy who is 8k underwater
A good trader follows his rules, but great trader knows when to break them
  • #734,364
  • Dec 18, 2012 2:19am Dec 18, 2012 2:19am
Quoting MaxDoom
morning,

I know that plenty of people on here do build positions in negative territory but, I thought I would show you a couple of reasons why it is not a good idea....

1. It breaks a very good rule - do not add to losing positions
2. You are trading the wrong target range (you end up trading the range back to your first entry rather than the target range above your entry.
3. The losses can become exponential

...........
have a think about it
Thanks for taking the time Max. My short term view is slightly bullish, the idea of entering multiple entries is such that, I am not good at picking good entry levels, I don't want to miss the opportunity either. So, so far most of the time I try to build an average cost and once it is settled, I put my daily SL limit 20 pips and try to run the position. I never suggested to build position as soon as the price hits below 1.3150, I am watching the PA and try to make sure it bottomed temporarily then enter the position. But you are right, especially on your first point...!!! I have 1.3200s on my charts and it is only a matter of time we hit that, but again this is me... I am wrong more often than I am right... Thank you billion times, you are a treasure...
  • #734,365
  • Dec 18, 2012 2:23am Dec 18, 2012 2:23am
When can I add to a winning trade?
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  • #734,366
  • Dec 18, 2012 2:23am Dec 18, 2012 2:23am
Quoting math_GB
Thanks for taking the time Max. My short term view is slightly bullish, the idea of entering multiple entries is such that, I am not good at picking good entry levels, I don't want to miss the opportunity either. So, so far most of the time I try to build an average cost and once it is settled, I put my daily SL limit 20 pips and try to run the position. I never suggested to build position as soon as the price hits below 1.3150, I am watching the PA and try to make sure it bottomed temporarily then enter the position. But you are right, especially...
I understand where you are coming from but don't be afraid of missing an entry - there is always another, the PA is very overlapping on EU, even if it broke out top side without you chances are it will retest the break point before leaving the station which I think kiwi was also saying
  • #734,367
  • Dec 18, 2012 2:25am Dec 18, 2012 2:25am
Quoting gatorinla
yes, your right. and 24 hs ago. 3156 was here.
so why do you pay more attention to 3156 instead of 3164?
  • #734,368
  • Dec 18, 2012 2:25am Dec 18, 2012 2:25am
Quoting math_GB
I don't think I did mate.. What you are saying is actually in line with what I have here. You are still slightly on the bear side as it seems but on some hard core conditions. I am just playing the daily. I have 1.3235 on my screen and as long as we are below it, we can see bears but they are not here yet. I know you have 1.3209. That is all I am saying. I don't want to short here and look for ice cubes in the afternoon.
I would def. not go long here.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #734,369
  • Dec 18, 2012 2:26am Dec 18, 2012 2:26am
Quoting Sti
This is the line directly under your mofu of yesterday's LoHi correct?
If not then i'm affraid i am not following you for a second
it is. i was looking for something stronger at 3156... we have a red spinner on the 5est close D. in 2 hours -65 close could be less bullish. a red day followed by a red 12h.. its less reliable then 3156 would have been last h followed by a close even lower is 2 hours. . i wanted decisive strength on way or the other. we dont have it.
those who can, do. those who cant, talk about those who can
  • #734,370
  • Dec 18, 2012 2:26am Dec 18, 2012 2:26am
Quoting math_GB
I respect that Kiwi, but tell me one reason why I should think this baby is going down. And may this be not " a level seen above the previous high". I don't understand why everyone turns so bearish when we see 10-15 pips drop... I am seriously asking mate... No offense. OK?
no offense taken bro, just trying to add another perspective

bro for me it not about just eu, I been hunting kiwi aussie and cable all day, and yes it been a long hard grind, in fact I fell asleep was so much excitment, all trades are shorts all trades are presently green+ locked,

again 10 -15 pip moves means nothing to me "unless" it is in respect of specific levels that I am interested

the so called previous high i mentioned and I think you are highlighting, is acually not just a previous daily resistance, it was the 1st return of pa from the originl breakout 3rd of may, the bear drove ruthlessly down over 1000 pips, pretty good sign some big players were and kept queing to jum in on th action, then if you zoom into yesterdays candle it is a nice doji @ resistance, and if todays high holds will print a nice H&S @ resistance on daily timeframe, now if you take this level back to april 2011 you will find it was equally an as strong support

forex is one massive jig saw bro, the more pieces can put together the better can see the picture

again I not saying this resist will hold, or she going up or down, just seems sentiment is being a bit clouded by the recent bull rally, and possible not actually seeing what pa is printing
If you are new to Forex? Say Goodbye to your account!!
  • #734,371
  • Dec 18, 2012 2:27am Dec 18, 2012 2:27am
Quoting MaxDoom
I understand where you are coming from but don't be afraid of missing an entry - there is always another, the PA is very overlapping on EU, even if it broke out top side without you chances are it will retest the break point before leaving the station which I think kiwi was also saying
OK mate, many thanks. Isn't it good that a newbee brings up some questions. I know I am not alone and I hope your posts help not only me.
  • #734,372
  • Dec 18, 2012 2:27am Dec 18, 2012 2:27am
Quoting MaxDoom
morning,

I know that plenty of people on here do build positions in negative territory but, I thought I would show you a couple of reasons why it is not a good idea....

1. It breaks a very good rule - do not add to losing positions
2. You are trading the wrong target range (you end up trading the range back to your first entry rather than the target range above your entry.
3. The losses can become exponential

look at the table below which shows you the losses based on entering every 10 pips 3150-3120 and then hitting SL or...
I do add to losing positions... but never do every 10pips, its suicidal.
  • #734,373
  • Dec 18, 2012 2:28am Dec 18, 2012 2:28am
Quoting Petemeister
so why do you pay more attention to 3156 instead of 3164?
London was one.. NY the other. its better if they agree.
those who can, do. those who cant, talk about those who can
  • #734,374
  • Dec 18, 2012 2:29am Dec 18, 2012 2:29am
Quoting ill_be_back
we have already seen that, with the guy who is 8k underwater
Despite the fact he was selling in Bulls territory - after a 300 pips drop in straight line , you start looking for a reverse of a bigger retrace - the mistake was he treated a swing trade as a scalping one ! That always end bloody and messy ...
"It's the Margin, Stupid."
  • #734,375
  • Dec 18, 2012 2:31am Dec 18, 2012 2:31am
Quoting KiwiTrada
...
again I not saying this resist will hold, or she going up or down, just seems sentiment is being a bit clouded by the recent bull rally, and possible not actually seeing what pa is printing
Clearly understood mate.. Many thanks for taking the time to respond. It is great how you guys deal with newbees like me self. Thank you...
  • #734,376
  • Dec 18, 2012 2:34am Dec 18, 2012 2:34am
some heavy fighting at the moment in the .3160 area
who's gonna win?
  • #734,377
  • Dec 18, 2012 2:39am Dec 18, 2012 2:39am
Quoting divak
some heavy fighting at the moment in the .3160 area
who's gonna win?
This will continue till GBP news then drop
A good trader follows his rules, but great trader knows when to break them
  • #734,378
  • Dec 18, 2012 2:40am Dec 18, 2012 2:40am
Quoting ill_be_back
This will continue till GBP news then drop
drop... why?
u mean GBP or EUR drop?
  • #734,379
  • Dec 18, 2012 2:41am Dec 18, 2012 2:41am
Quoting divak
drop... why?
u mean GBP or EUR drop?
Both
A good trader follows his rules, but great trader knows when to break them
  • #734,380
  • Dec 18, 2012 2:41am Dec 18, 2012 2:41am
Pay attention to news re Fiscal Cliff. Good news, nothing is going to stop the last bull run of the year. Bad news, tight range.
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